Know your Medicare Plans- Comparing Medicare Advantage Plans 2013

You might be wondering when comparing Medicare Advantage Plans you should choose for the year 2013. Picking the right kind of advantage plan to go along with you Medicare policy can be a tricky task. Here are some general tips you should keep in mind before you start to Compare Medicare Advantage Plans 2013:

  • Advantage Plans should be measured against your needs and your budget.
  • You can take help from a friend or a family member who is well informed about the dos and don’ts of investing in Advantage Plans.
  • Choosing an advantage Plan just because it is a $0 premium offer is not always a good idea.
  • You should not only look for the lower premium rate plans, but for improved benefits as well.

You will have many Medicare Advantage Plans in 2013 to compare from. All you need to do is be patient and indulge yourself in Insurance Shopping.

A Guide on How to Compare Medicare Advantage Plans 2013

You need to start comparing Medicare Advantage Plans 2013 regardless of whether you are going in for a new registration or just shifting towards a new one. The open enrollment period starts from 15th October 2012 and continues up to 7th December 2012. You can enroll or change Plans within this period to settle for a new Plan effective from 1st January 2013. Medicare Advantage Plans (Medicare Part C) are offered by private insurance companies and they cover the benefits of Medicare Part A and Medicare Part B. Advantage Plans also have drug coverage at times depending on the type of plan chosen by the policy holder. It should be noted that one cannot buy a Medigap (or Medicare Supplemental Insurance Plan) if you have do not have an existing Medicare Advantage.

What you should Know When You Compare?

There is a three-plan document that you need to consider while buying Advantage Plans of Medicare for 2017:

  • Summary Of Benefits

Summary of benefits has all the details of the Plan; it consists of a breakdown of all the services that are covered by the Advantage Plan and the costs attached to it. It gives you the nitty-gritty details of the Plan.

  • Provider Directory

Plans in the Provider Directory include HMO, PPO etc. You should not just settle for finding a Primary Physician in the network but also take a look at the hospitals and the auxiliary facilities that come with it. Make sure there is no possibility of surprises mid-yearwhen you discover certain health care services that are not covered by the plan.

In addition to that most Medicare Advantage Plans out there are going to include Part D coverage; you should treat that as if you are shopping for a stand-alone Part D Plan.

  • Plans Formulary

Plans Formulary consists of the list of drugs that are covered by the Plan. While checking the formulary if you see that your drugs are not covered you should move on to another Plan. You should also look at other options such as deductibles and cost sharing in the Formulary plan. Then go on to compare the extra benefits that come with plan. These may include gym membership or discounts on vision, hearing or dental or other auxiliary medical services.

Do not resort to buy a plan just because it has been recommended by a close friend or by by seeing a flashy commercial. You need to weigh the Plan for all its pros and cons and make a decision based to that effect.